This compelling exploration reveals the historical debate surrounding the assumption of state debts by the Federal Government, tracing its origins to the very beginning of the nation. The author delves into arguments both for and against assumption, examining the constitutional authority, economic implications, and impact on federal-state relations during the early days of the American republic. This book sheds light on a crucial moment in the formation of the United States, providing valuable insights into the evolution of its fiscal and political systems. The author's thorough analysis and presentation of primary source material offer a rich understanding of this foundational issue in American history.
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Excerpt from Report of the Select Committee, to Which Was Referred So Much of the Executive Message as Relates to the Assumption of State Debts, by the General Government
The Committee to whom was referred so much of the message of the Executive, as relates to the assumption of State debts by the General Government, beg leave to report.
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